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  • November 1988 (Revised January 1989)
  • Background Note

Note on Tax and Accounting Issues in Mergers and Acquisitions

Presents a simplified introduction to tax and accounting issues relevant to mergers and acquisitions. Mergers, asset purchase, and stock acquisition are dealt with in the context of taxable vs. non-taxable transactions. Accounting treatment of the transactions is... View Details
Keywords: Taxation; Mergers and Acquisitions; Accounting
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Meerschwam, David M. "Note on Tax and Accounting Issues in Mergers and Acquisitions." Harvard Business School Background Note 189-104, November 1988. (Revised January 1989.)
  • April 2012 (Revised June 2012)
  • Case

Itaú Unibanco (A): The Merger Process

By: Belen Villalonga, John A. Davis and Ricardo Reisen de Pinho
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Villalonga, Belen, John A. Davis, and Ricardo Reisen de Pinho. "Itaú Unibanco (A): The Merger Process." Harvard Business School Case 212-094, April 2012. (Revised June 2012.)
  • April 2012 (Revised June 2012)
  • Supplement

Itaú Unibanco (B): The Merger Outcome

By: Belen Villalonga, John A. Davis and Ricardo Reisen de Pinho
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Villalonga, Belen, John A. Davis, and Ricardo Reisen de Pinho. "Itaú Unibanco (B): The Merger Outcome." Harvard Business School Supplement 212-095, April 2012. (Revised June 2012.)
  • 2001
  • Working Paper

New Evidence and Perspectives on Mergers

By: Gregor Andrade, Mark Mitchell and Erik Stafford
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Andrade, Gregor, Mark Mitchell, and Erik Stafford. "New Evidence and Perspectives on Mergers." Harvard Business School Working Paper, No. 01-070, April 2001.
  • 1999
  • Working Paper

Investigating the Economic Role of Mergers

By: Gregor Andrade and Erik Stafford
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Andrade, Gregor, and Erik Stafford. "Investigating the Economic Role of Mergers." Harvard Business School Working Paper, No. 00-006, August 1999.
  • January 2018 (Revised February 2019)
  • Supplement

Merger Arbitrage at Tannenberg Capital (B)

By: Samuel G. Hanson
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Hanson, Samuel G. "Merger Arbitrage at Tannenberg Capital (B)." Harvard Business School Supplement 218-066, January 2018. (Revised February 2019.)
  • September 1981 (Revised October 1984)
  • Case

El Paso - PNW Merger (C)

By: Richard H.K. Vietor
Keywords: Mergers and Acquisitions; Energy Industry; Utilities Industry
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Vietor, Richard H.K. "El Paso - PNW Merger (C)." Harvard Business School Case 382-042, September 1981. (Revised October 1984.)
  • December 2002 (Revised February 2005)
  • Case

Cap Gemini Ernst & Young (A): A Global Merger

By: Ashish Nanda
French IT consulting giant Cap Gemini is poised to purchase the consulting arm of Ernst & Young, a U.S.-based Big 5 accounting firm. In doing so, many differences need to be resolved, including negotiating with Ernst & Young entities all over the world as well as... View Details
Keywords: Negotiation; Multinational Firms and Management; Mergers and Acquisitions; Cross-Cultural and Cross-Border Issues; Information Technology Industry; Consulting Industry; France
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Nanda, Ashish, Bertrand Moingeon, Lisa Haueisen Rohrer, and Guillaume Soenen. "Cap Gemini Ernst & Young (A): A Global Merger." Harvard Business School Case 903-056, December 2002. (Revised February 2005.)
  • Article

Mergers and Competition in Book Publishing

By: David A. Garvin
Keywords: Mergers and Acquisitions; Competition; Books; Publishing Industry
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Garvin, David A. "Mergers and Competition in Book Publishing." Antitrust Bulletin 25, no. 2 (Summer 1980).
  • April 2002
  • Article

Limited Arbitrage in Mergers and Acquisitions

By: Malcolm Baker and Serkan Savasoglu
A diversified portfolio of risk arbitrage positions produces an abnormal return of 0.6-0.9% per month over the period from 1981 to 1996. We trace these profits to practical limits on risk arbitrage. In our model of risk arbitrage, arbitrageurs' risk-bearing capacity... View Details
Keywords: Arbitrage; Market Efficiency; Mergers and Acquisitions; Profit; Risk and Uncertainty; Corporate Strategy; Capital; Banking Industry
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Baker, Malcolm, and Serkan Savasoglu. "Limited Arbitrage in Mergers and Acquisitions." Journal of Financial Economics 64, no. 1 (April 2002): 91–116.
  • October 2012
  • Article

The Effect of Reference Point Prices on Mergers and Acquisitions

By: Malcolm Baker, Xin Pan and Jeffrey Wurgler
Prior stock price peaks of targets affect several aspects of merger and acquisition activity. Offer prices are biased toward recent peak prices although they are economically unremarkable. An offer's probability of acceptance jumps discontinuously when it exceeds a... View Details
Keywords: Mergers and Acquisitions; Stocks; Price; Valuation; Negotiation
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Baker, Malcolm, Xin Pan, and Jeffrey Wurgler. "The Effect of Reference Point Prices on Mergers and Acquisitions." Journal of Financial Economics 106, no. 1 (October 2012): 49–71.
  • April 2006 (Revised April 2012)
  • Background Note

The Role of Private Equity Firms in Merger and Acquisition Transactions

By: William E. Fruhan Jr.
Explores the importance of private equity firms in merger and acquisitions activity around the globe. In many countries, these firms now account for one quarter of the total merger and acquisition activity of all firms. The larger private equity firms generate fees for... View Details
Keywords: Leveraged Buyouts; Mergers and Acquisitions; Private Equity; Investment Funds; Value Creation
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Fruhan, William E., Jr. "The Role of Private Equity Firms in Merger and Acquisition Transactions." Harvard Business School Background Note 206-101, April 2006. (Revised April 2012.)
  • August 10, 2023
  • Editorial

A Conversation on the Draft Merger Guidelines

By: Cory S. Capps and Leemore Dafny
Keywords: Mergers and Acquisitions; Government Legislation
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Capps, Cory S., and Leemore Dafny. "A Conversation on the Draft Merger Guidelines." Promarket (August 10, 2023). (Round II published September 13, 2023.)
  • July – August 2000
  • Article

Drug Industry Mergers Won't Necessarily Benefit R&D

By: Rebecca M. Henderson
Keywords: Mergers and Acquisitions; Health; Research and Development
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Henderson, Rebecca M. "Drug Industry Mergers Won't Necessarily Benefit R&D." Research-Technology Management 43, no. 4 (July–August 2000): 10–11.
  • September 2024
  • Teaching Plan

CommonSpirit Health: Integrating a Merger of Equals

By: Hise Gibson
Teaching Plan for HBS Case No. 621-034. View Details
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Gibson, Hise. "CommonSpirit Health: Integrating a Merger of Equals." Harvard Business School Teaching Plan 625-029, September 2024.
  • September 2000
  • Teaching Note

Upjohn Company, The: The Upjohn-Pharmacia Merger (TN)

By: Krishna G. Palepu
Teaching Note for (9-197-034). View Details
Keywords: Financial Services Industry
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Palepu, Krishna G. "Upjohn Company, The: The Upjohn-Pharmacia Merger (TN)." Harvard Business School Teaching Note 101-031, September 2000.
  • August 1976
  • Case

McCord Corp.: Merger with Davidson Rubber Co.

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Thurston, Philip H. "McCord Corp.: Merger with Davidson Rubber Co." Harvard Business School Case 677-027, August 1976.
  • October 2022
  • Supplement

Topgolf International (B): Merger with Callaway Golf

By: Robert J. Dolan
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Dolan, Robert J. "Topgolf International (B): Merger with Callaway Golf." Harvard Business School Supplement 523-056, October 2022.
  • January 2, 2020
  • Article

Changes in Quality of Care After Hospital Mergers and Acquisitions

By: Nancy Dean Beaulieu, Leemore S. Dafny, B. E. Landon, Jesse Dalton, Ifedayo Kuye and J. Michael McWilliams
Background: The hospital industry has consolidated substantially during the past two decades and at an accelerated pace since 2010. Multiple studies have shown that hospital mergers have led to higher prices for commercially insured patients, but research about effects... View Details
Keywords: Hospitals; Mergers and Acquisitions; Health Care and Treatment; Quality
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Beaulieu, Nancy Dean, Leemore S. Dafny, B. E. Landon, Jesse Dalton, Ifedayo Kuye, and J. Michael McWilliams. "Changes in Quality of Care After Hospital Mergers and Acquisitions." New England Journal of Medicine 382, no. 1 (January 2, 2020): 51–59.
  • August 2004 (Revised March 2005)
  • Case

MGM Mirage's Bid for Mandalay Resort Group (A): Communicating During the Merger Process

After MGM Mirage decides to announce publicly its bid for Mandalay Resort Group, both companies face vital decisions about how to communicate with their various stakeholders during the merger negotiations. View Details
Keywords: Negotiation; Corporate Disclosure; Mergers and Acquisitions; Business and Stakeholder Relations; Communication Strategy; Entertainment and Recreation Industry
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Kimbrough, Michael D., and Gregory S. Miller. "MGM Mirage's Bid for Mandalay Resort Group (A): Communicating During the Merger Process." Harvard Business School Case 105-017, August 2004. (Revised March 2005.)
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